Multibagger stock with zero debt is down 44% from record high; time to buy?

With the Indian stock market always changing, an opportunity with promising returns is always captivating and worth the risk. One of the cases is Triveni Turbine, a multibagger stock, that has captured the market’s interest with the recent corrections. It is a zero debt stock but has lost 44% of its worth, with an all-time high of 885, which was in November of 2024, and is now 500 as of the start of February 2026. 

The Indian market has also been experiencing a rise in value stocks, which has led many investors ask whether this dip is a perfect time to stock up. In this analysis, we will break down the fundamentals, recent trends, and expert analyses to decide whether it is the right time to invest.

 

What Are Multibagger Stocks in India?

There are many things to consider when analysing Triveni Turbine, but the first thing that we need to understand is what is a multibagger stock? A multibagger stock is a stock that has the potential to gain multiple times from the initial investment (i.e. create multibagger returns) from steady profits and growth in the market. 

With the continuous and rapid market growth in India, it is easy to see how investors are drawn to the booming multibagger potential, especially in the renewable and industrial sectors. However, they can still experience stock market corrections or declines in value due to economic, sector, or global stress.

Triveni Turbine fits this profile perfectly. Within the last five years, the stock has shown spectacular returns, increasing more than 400 %, rising from around 100 Rupees in early 2021 to its peak in 2024. Because of this increase, it has become an ideal multibagger stock and is particularly attractive to long-term investors interested in value stocks in India. However, the recent 44 % drop is concerning. Is this just an unfortunate accident, or does this indicate more serious issues?

 

 

Company Overview: Triveni Turbine's Contribution to Sustainable Power

Triveni Turbine Ltd. (TTL) is the market leader in the field of manufacturing industrial steam turbines, having more than five decades of experience in the field. With headquarters in Bengaluru, India, the Company designs, manufactures, and services steam turbines of capacities up to 100 MW, in the industrial captive power and renewable energy markets. They manufacture impulse and reaction turbines which meet OEM internationally recognised quality standards, in the oil and gas, sugar, cement and biomass value chains.

What makes Triveni Turbine unique is its focus on developed-to-order solutions that improve efficiency and sustainability. With Triveni REFURB, the company offers complete services, including refurbishment, where clients can upgrade existing turbines to improve performance and carbon footprints. TTL is equipped with state-of-the-art manufacturing facilities, advanced engineering, and testing capabilities, which ensure cost-effective, reliable, and modular designs.

With representative offices across all continents, Triveni Turbine has a strong global presence, supporting aftermarket services. They have participated in key global events, including ADIPEC in the UAE and Enlit Europe, where they showcased innovations for the steam turbine industry. 

Global representatives support the company in obtaining a wide array of orders, enhancing its reputation as a leading steam turbine service provider. In India, Triveni Turbines' solutions comply with the country’s increasing focus on renewable energy, making the company an attractive value stock.

 

Recent Stock Market Performance

Due to inflationary pressure, global growth deceleration, and the impact of the Russia-Ukraine conflict, the Indian stock market, particularly the Sensex and Nifty, has experienced considerable corrections recently, particularly in late 2025 and early 2026. Triveni Turbine stock has been affected too. 

From a record high of Rs 885 on 26 November 2024 and given the stock’s 52-week low of Rs 454.40 on 21 January 2026, the stock has dropped 44%. It closed at approximately Rs 508 on 6 February 2026, posting a year-to-date loss of 14% and a monthly loss of 8%.

Poor share market news illustrates several stock market downturns. Export order inflows reduced, as the first nine months of FY26 recorded a 9% year-on-year export order decline. Subsequent FY27 revenue loss predictions have increased, given the global recession. Although there were steady inquiries, the order book domestically showed weakness. Stock market technicals showcase a bearish trend. 

All key simple moving averages (5-day to 200-day) benchmark the stock, so it ranks lower. The Relative Strength Index (RSI) at 50.6 offers an indecisive momentum to a stock assumed to trade in a bearish trend.

The company's Q3 FY26 results were positive despite the challenges. Revenue surpassed expectations due to the increased execution of exports, but profitability margins took a hit from order delays and increased costs. The company's market cap is currently around Rs 16,000 and is down significantly from its peak. For investors looking for value stocks, the correction, especially for a company with a potential multibagger stock like Triveni Turbine, could be an indicator of undervaluation.

The above chart tracks the stock price and notes the bearish flag formation and consolidation, around the Rs 500 to 550 mark.

Financial Overview: The Draw of Zero-Debt Companies

Triveni Turbine's outstanding zero-debt status represents one of its strongest attributes, especially given the most recently reported financials as of March 2025, which show a ratio of zero to close any outstanding debt. Reported debt amounts remained low and as of December 2025, the ratio was around 2.95%, which is still considered negligible. The absence of debt allows the company to withstand economic downturns and interest rate hikes and invest in growth without having to worry about necessary repayments.

Supporting this is a continued improvement in key financials as evidenced by:

- Increase in Revenue: The total consolidated revenue has shown an increase in improvement, and the FY25 results included significant growth in aftermarket services and product sales.

- Profitability: Although there was a slight compression in EBITDA margins due to order mix in the recent quarters, net profit for FY25 exemplified the company’s operational excellence.

- Liquidity: Current ratio of 2.09 and quick ratio of 1.81 showcase robust short-term liquidity.

- Return Metrics: Over the past years, returns on equity and returns on assets have been exceptional, recording over 20% and 15%, respectively.

- Valuation: The company’s stock is trading at a P/E ratio of 46.5 (February 2026,) which is on the high-end. However, considering the growth potential, the ratio does not appear to be off. P/B ratio of 13.4 indicates the market’s positive outlook on the firm’s assets.

With most firms contending with significant leverage, Triveni Turbine stands out with zero debt, offering stability. This trait has largely fuelled its multibagger status, allowing the company to channel more resources to R&D and market expansion instead of shareholder value dilution.

Analysts predict continued growth in both revenue and earnings until 2027, which is in line with the company’s growth strategy. 

Why Did It Decline? Share Market News Analysis

The drop of 44% is not an exception; it is also a drop in share value that affects overselling phenomena in the stock market, and it also affects the industrial and capital goods market. Share market news has an explanation for the drops:

- Global Slowdown: Not strong demand in the market (especially in the oil and gas industry) has led to orders not coming in. 

- Sector-Specific Challenges: Execution of projects is delayed, and therefore, costs are higher. This results in lower profit margins.

- Market Sentiment: Market corrections are occurring in the midst of the stock exchange. Triveni Turbine is in the thick of it and is therefore contributing to the decline.

- New Competition: TTL is number one in India, but when it comes to global competition in the field of renewable turbines, there is international competition and thus pressure on prices.

These factors, however, represent cyclical changes, not deeper, structural changes. Management has indicated that there will be a recovery in export orders by Q4 FY26. New products, which are scheduled for release, will have a positive impact in 1-2 years. For an investor in India, these stock market corrections will add value to the stock.

 

Is this a good time to buy stocks?

To decide whether we should buy now or not, we have to look at the upsides and downsides. Some upsides include that Triveni Turbines has debt, and they lead sustainable power. This puts them in a good position for the energy transition in India. Analysts think this is a good stock choice, and Motilal Oswal has a “Buy” rating for them. He predicted that they will rise to Rs 615 (which is a 20% increase from the current price). 

This is based on a 40x earnings estimate for March 2028. Other analysts and brokerage firms, such as Prabhudas Lilladher, have similar predictions and have a rating of “accumulate,” stating that they will increase to a price of Rs 650-660 (which is a 25-30% increase from the current price).

Some predict their intrinsic value to be at Rs 332, which suggests that the current stock price is overvalued. Others predict that their stock will increase in value just based on positive growth forecasts. The current stock price provides a margin for safety, risk-wise, assuming their order inflows increase. The risks they have to face are the potential for export weakness and erosion, but the company provides aftermarket services which contribute to 30-40% of their overall revenue.

In India’s stock market, Triveni Turbines has solid fundamentals which is why they stand out as a multibagger stock. If you don’t mind market corrections, this is a good time to buy stocks for the long term. 

 

 

Conclusion: Weighing the Pros and Cons

Investments in multibagger stocks can sometimes lead to positive and negative outcomes. Triveni Turbines is a prime example of such. Triveni Turbines’ innovative products and global presence, while having zero debt, make it a valuable stock in India. 

Although a negative 44% decline from record highs is concerning, analyst insights and share market news indicate a possible positive turn. Before investing, always do your own research or speak to a financial advisor. In a correcting market, the true value can be rewarded to those who are patient.

 

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.